(Bed Bath & Beyond) Bed Bath & Beyond Inc. reported sales of $1.878 billion in the third quarter of 2021, a decline of 28% from the prior year.
The company’s CEO and President Mark Tritton attributes the weaker sales to supply chain and replenishment stresses that contributed to about a mid-single digit hit.
Comparable sales fell by 7% in the third quarter from the prior year and were down by 4% compared to the third quarter of 2019.
The gross margin fell by 90 basis points in the third quarter to 35.6%. SG&A margin improved by 320 basis points to 37.2%.
The company’s net loss widened by $201 million to -$276 million in the third quarter.
Bed Bath & Beyond still projects a higher $2.1 billion sales in the fourth quarter, with a gross margin of 32.5% to 33.0%. Adjusted diluted EPS is expected in the range of $0.00 to $0.15, up compared to -$0.25 in Q3.
In FY21, the company projects sales of $7.9 billion, with high-single digit growth in comparable sales. Gross margin is expected to range between 34% and 34.5%, while adjusted EPS is projected at minus $0.15 to $0.00.
BBBY: NASDAQ is up +8.12%.
